Ndubuisi Francis in Abuja
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has directed the Securities and Exchange Commission (SEC) to evolve a savings policy and programme aimed at encouraging Nigerians of all economic status to actively participate in the capital market.
This is with a view to unlocking the vast potential in the market.
Ahmed stated this when the management of the Nigerian Exchange Limited (NGX), led by its Chief Executive Officer, Mr. Timi Popoola, paid her a courtesy call in Abuja.
While acknowledging the commitment of NGX’s management, which culminated in the demutualisation of the exchange, Ahmed called on them to leverage on technology and innovations which could ease the processes of trading on the exchange and ensure that ordinary citizens could participate in the capital market.
In furtherance of the objective, the minister stated that the federal government had directed SEC, to marshal out a savings policy and programme that would encourage citizens of all economic standing to actively participate in Nigerian capital market as a means of unlocking the potential in the market.
In the same vein, the Permanent Secretary, Aliyu Ahmed, while congratulating Popoola on his appointment, urged him and his team to tap into their experiences and scale up the operations of the exchange for the benefit of investors and the market.
Popoola had earlier informed the minister that he had come to introduce the NGX’s new management to her and to also appreciate the her support to the Nigerian capital market.
While assuring the minister of the NGX’s support to this administration’s efforts in making Nigeria a destination for foreign investment as well as attracting investors, Popoola sought for a reduction on Companies Income Tax (CIT), from 25 to 20 per cent , among others, arguing that these would ultimately attract more taxes to government.
He assured the minister of the Exchange’s commitment to support the ministry’s fiscal policy and willingness to serve on the committee of the Finance Bill 2021.
Responding to the request for a reduction of various taxes relating to the capital market, the minister declared that such requests would be treated on their individual merits, stating that the requests had come at an appropriate time when the Ministry is working on the Finance Bill 2021.
